Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
The Below Par theme screens USD fixedrate bonds priced at 92 or below with 2–7 year tenors, where the discount to par adds a capitalgain kicker to coupon income. Ten bonds qualify, with yieldstoworst spanning roughly 14% to 27%. The highest yields sit in deepdiscount paper: OB's 10% 2030s yield 26.9% at 64.7, while CSN's 4.625% 2031s offer 22.2% at 51.1. Pulltopar on these names could drive substantial price appreciation, but their CCC and unrated profiles price in real credit risk. Higherquality exposure is more limited but still offers attractive carry. CoreWeave's 9.75% 2031s (rated B) yield about 15.2%, and AEGEBZ's 9% 2031s give 14.7% in utilities, providing sector diversification. Credit quality varies widely across the set, so issuer selection will matter more than headline yield.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.916 | 64.7 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.155 | 51.1166667 | 2031-06-10 | 2026-12-13 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.839 | 50.7333333 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.18 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | Xerox Corp. | …AQ35 | 13.5 | 17.476 | 88.06 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 6 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.21 | 83.745 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 7 | CoreWeave Inc. | …AC40 | 9.75 | 15.189 | 81.67882 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | Aegea Finance S.a r.l. | …AB52 | 9 | 14.668 | 82.6866667 | 2031-01-20 | 2027-01-20 | High Yield 1 | USD | 500MM |
| 9 | CoreWeave Inc. | …AG30 | 9.75 | 14.633 | 83.3439106 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 10 | CoreWeave Inc. | …AE06 | 9.625 | 14.431 | 81.75 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.